FxWirePro: NZD/USD continues to decline as negative pressures persist

• NZD/USD dipped below 0.6200 level on  Tuesday on as firmer dollar and sagging commodity prices weighed on kiwi dollar

• Copper prices fell to their lowest level in over two weeks on Tuesday, pressured by concerns that a sluggish Chinese economy is reducing demand from the world's largest metals consumer.

•China's iron ore futures experienced their largest one-day price drop in nearly two years on Monday.

• The energy sector faced pressure as oil prices fell due to sluggish economic growth in China.
 
•  Immediate resistance is located at 0.6237(Aug 30th high), any close above will push the pair towards 0.6260(23.6%fib).

•  Support is seen at 0.6180(38.2%fib) and break below could take the pair towards 0.6124(50%fib).

 Recommendation: Good to sell around 0.6200 with stop loss of 0.6260 and target price of 0.6120